BATON ROUGE, La. – State Treasurer John Kennedy is asking the federal government to comply with a court ruling and release nearly $500,000 in unredeemed savings bonds to Louisiana’s Unclaimed Property program.

“People bought these savings bonds decades ago. They were shoved into drawers or safe deposit boxes and forgotten,” said Treasurer Kennedy. “We successfully sued to get the bonds escheated to us so people can collect their money. It’s time for the federal government to comply.”

Some of the bonds date to the 1940s and 1950s. There are 1,428 bonds with a face value of $89,260. The bonds’ matured value is $462,057.42.

Kansas collected $861,908 from the U.S. Treasury after becoming the first state in the nation to take the U.S. government to court to escheat, or take custody of, unclaimed savings bonds. Louisiana followed Kansas’ lead and obtained a court order escheating the bonds to the state.

Treasurer Kennedy has asked Fiscal Assistant Secretary Dave Lebryk and Commissioner Sheryl Morrow with the U.S. Department of the Treasury to reissue the bonds to the state of Louisiana or to provide the records necessary for redemption.

“The U.S. Treasury hasn’t done a very good job of returning this money,” said Treasurer Kennedy. “We have an aggressive Unclaimed Property program, and we can match the dollars to the people.”

Contact:
Michelle Millhollon
(225) 342-0012
mmillhollon@treasury.state.la.us